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Fagor Electrónica's Smart Data Services business and the Mondragon Group become shareholders in the ChainGO startup.

Written by Klaudia Weiss   |   21 December 2020

ChainGO, the startup that develops software solutions for the logistics industry based on blockchain technology, and Fagor Electrónica sign a shareholder agreement.

The Smart Data Services business of Fagor Electrónica, with more than 20 years of experience in the transport and logistics sector, through its solutions FlotasNet®, Ubika and SmartDataCar has entered the ChainGO startup, participating in the financing round that ChainGO has successfully closed with a total investment of 950,000€.

Fagor Electrónica's Smart Data Services business offers different logistics and transport management software solutions, which help companies to optimise their logistics processes and make their logistics operations profitable.

"For Fagor Electrónica it is a great opportunity to join the working group of ChainGO, from the first moment there has been a good feeling between both companies, and we have established a strategic agreement, aimed at developing synergies between our products, especially with Ubika; we believe that we can learn a lot from the human team of ChainGO", says Marcos Sánchez, Business Director of Smart Data Services of Fagor Electrónica.

On its side, ChainGO, a company supported by accelerators such as Lanzadera, Airbus Bizlab and Órbita, has developed and commercializes an online collaborative platform that facilitates the exchange of documentation, information and communications between the different actors of the supply chain involved in an import/export process. Thus achieving significant reductions in both the management time of these operations and their economic cost. This new investment process represents a great boost to its activity, so ChainGO's objective is to open its borders and seek to position itself at a European level and also in the United States, maintaining its presence in the national market.

"It is an immense pleasure to be able to successfully conclude this round of investment so important for the future of ChainGO. Having the support of companies with so much experience in the logistics and freight sectors is undoubtedly the best news since we will not hesitate to ask for their guidance and advice when necessary", explains Andrés Garrido, CEO and co-founder of ChainGO Tech.

Fagor Electrónica is supported in this investment by the Mondragon Group's Promotion Centre, which, through the corporate financial vehicle, the Mondragon Promotion Fund, managed by Clave Capital, has made this investment possible. "For us, from the Promotion Center of the Mondragon Group it is very important to identify business opportunities that can help our Group companies to develop their current and future businesses, and in this sense, in ChainGO we saw a perfect ally for Fagor Electrónica", says Santiago Mendirichaga, from the Promotion Center of the Mondragon Group.

From Clave Capital they highlight "the intelligent use that ChainGO has made of Blockchain technology and Smart Contracts in its ChainGO Freight platform, capable of making the whole supply chain very efficient and traceable in complex export/import operations, can bring a lot of value to Fagor Electrónica", according to Alberto Bermejo Urieta, Investment Director at Clave Capital.

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Fagor Electrónica's Smart Data Services business and the Mondragon Group become shareholders in the ChainGO startup.